Alliance Residential to Build Class A Apartments
(PHOENIX) – Hines, the international real estate firm, announced today that it has closed on the purchase of the 25.5-acre site for Chandler Viridian, a mixed-use property on the northwest corner of the Loop 101/Loop 202 interchange, adjacent to the Chandler Fashion Center. Hines has been working on Chandler Viridian for nearly two years due to the significant legal complications related to the unfinished Elevation Chandler project. With the legal process regarding the site now complete, Hines expects to demolish and remove the structure in December 2014.
“Chandler Viridian will expand the area’s economic engine by creating a true live, work and play environment. The visibility and walkability of Chandler Viridian exceeds many other mixed-used projects in the area,” said Chris Anderson, Managing Director and local City Leader for Hines. “Hines is excited to develop the last available site adjacent to the Chandler Fashion Center and complete the master plan envisioned by the Chandler City leadership and citizens over 15 years ago.
The support received from the Chandler City Council, city staff and Alliance Bank of Arizona has been instrumental to our success.”
“This is a high-profile site in the midst of the Price Corridor, and the entire community will benefit from having a new project there,” said James Smith, the City of Chandler's Acting Economic Development Director. “This is the moment our residents have been waiting for - to see that failed structure come down, and new development take its place.”
Alliance Residential is developing the Class A multifamily property at Chandler Viridian. Multifamily construction is expected to begin in the first quarter of 2015. Alliance Residential is headquartered in Phoenix with 33 regional offices nationwide.
“Alliance Residential has served as a partner throughout the entitlement and land-closing process, collaborated on the design and plays an important role in delivering on the promise of Chandler Viridian,” says Anderson.
“We are excited to develop the residential component within the well-designed, mixed-use project led by Hines,” said Ian Swiergol, Managing Director of Development, Southwest for Alliance Residential. “This urban community will meet the ever-growing demands of the today’s renter profile and will complement the great mix of employment and entertainment options within the Chandler Fashion Center submarket.”
In addition to the luxury apartments, Chandler Viridian will include a six-story modern brand hotel, a central plaza with 250,000 square feet of Class A office, and retail options along with a pedestrian promenade to the Chandler Fashion Center. Chandler Viridian is located in the heart of the Chandler retail entertainment district.
Construction on the horizontal infrastructure for the commercial properties is expected to begin in the second quarter of 2015. The hotel, office and retail projects will begin construction later in 2015 and into 2016.
RSP Architects of Minneapolis serves as the architect of record for Chandler Viridian. A general contractor has not been selected.
About Alliance Residential Company
Alliance is a fully integrated multifamily real estate operating company focused on the development, acquisition, construction and management of residential and mixed-use communities in the United States. Headquartered in Phoenix, Alliance has 33 regional offices throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast. Over the past 14 years, Alliance has become one of the largest private apartment owners and the ninth largest management company in the nation, boasting a $9.0+ billion portfolio of 71,000 units in 29 metropolitan markets. Alliance has a presence in 19 states and is actively seeking management, development and acquisitions opportunities across the markets it serves. For more information, visit www.allresco.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 391 properties totaling 161 million square feet, which includes 89.1 million square feet for third parties. With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.